Vacation Home Rental

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Vacation Home Rental rick wintomac 10-14-2006  Re: Vacation Home Rental Don Zimmerman 10-15-2006
Posted by rick wintomac on October 14, 2006, 12:31 pm IRS Pub 17 says that dwelling unit is used as a "home" if used for personal purposes *more than* *the greater of* (1) 14 days or (2) 10% of the total it is rental at fair rental. After having CPA and PA give conflicting interpretation, I'm not sure but I think this means that: If my personal use is 20 days, I must rent it at least 200 days to deduct expenses as a production of income property, i.e. deductible loss on schedule E. Is this a valid example of the second condition (2) above, the 10% not having been breeched but being the greater number of days? (The loss of course would be passive loss for me, separate issue.) Thanks. Posted by Don Zimmerman on October 15, 2006, 6:58 pm > and don't forget that days you spend there working do not count as > vacation days, even if your family is having a ball while you are working > on the house. Even if you spend some time looking around for someone to work on the house and the rest of the time having a ball with the family, it will still count as a business trip. The IRS is flexible as long as you don't overdo it and try to claim a lot of unnecessary trips. Similar Threads Posted Refinancing a rental home,help with estimating the amount April 12, 2007, 4:55 am Rental Property Refinance Tax Deduction February 19, 2007, 5:02 am Rental Car Collections & Credit Score July 9, 2008, 8:14 pm Rental Property Depreciation for Current/Previous Year February 21, 2007, 4:58 am 401k or home ownership October 23, 2006, 12:02 pm Home Ownership by Two People June 20, 2007, 12:20 pm Home equity loan September 30, 2007, 7:06 pm Home Relocating: Insurance? June 23, 2008, 5:11 am Home loan advise needed March 2, 2007, 5:04 am Re: Home loan interest Calculation April 30, 2007, 8:32 am